Marine Diesel Engine Market To Trace Exponential Gain Till 2027

The marine diesel engine market is estimated to observe impressive growth over the forecast time period due to development of new technologies, improved fuel-efficiency, and reliability. Likewise, growing awareness regarding the need for sustainable technologies will further support the market outlook. Increasing shipping activities have had a massive negative impact on the environment. To that end, manufacturers have been working to develop eco-friendly engines that would reduce the global carbon footprint.

The robust expansion of marine tourism industry since the last few years will also help increase the demand for marine diesel engines, given the influx of recreational boats, ships, and other luxury vessels. While the ongoing pandemic has halted tourism to an extent, the post-pandemic era is likely to witness marine tourism regaining its full potential, which would substantially contribute to the rising demand for marine diesel engines.

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The marine diesel engine market is expected to observe phenomenal growth over the forthcoming time period owing to massive expansion of seaborne trade. With increasing trade activities comes the requirement of advanced diesel engines that are presently deployed on a massive scale across the commercial, navy, recreational, and offshore applications. Considering the growing demand, several industry players are focusing on improving their product portfolios by frequently innovating new solutions.

Citing an instance, in May 2020, Cox Powertrain, a renowned British developer of high-powered diesel outboard engines, reportedly announced that the commencement of the production of the CXO300, a patent protected 300 horsepower diesel outboard engine. This new product is likely to be sold across the global market, thereby supporting UK exports. Such new product launches will further contribute towards industry expansion.

Marine diesel engine market is slated to witness substantial growth on account of the rising prominence of seaborne trade activities. The robust increase in population across the world will further foster the demand for international trade over the coming years. It was predicted that by Q2 2020, nearly 80% of all international trade in terms of volume will be undertaken through sea routes.

On the geographical front, Canada will contribute majorly to increase the North America marine diesel engine market share over the coming years. Canada is expected to witness a growth rate of around 3% through the analysis timeline. Moreover, the country is further experiencing significant increase in investments toward product design and technological advancement due to rising demand for cleaner emission reduction substitutes. In fact, emission reduction systems development coupled with entry of new market players will also propel the product demand across the region.

Volvo Penta, Dresser-Rand Group, Man Energy Solutions, Rolls Royce, Caterpillar, Wärtsilä, Brunswick Corporation, GE Transportation Cummins, and John Deere among many others are some of the key players operating in the marine diesel engine market.

Overall, new product launches and innovations by key industry players will have a major role to play in augmenting the growth of marine diesel engine market. Citing an instance, in August 2020, Caterpillar Marine, a leading construction machinery and equipment company, reportedly launched a new high performance C32B marine engine with 2000 horsepower and a rated engine speed of nearly 2300 rpm. The new model has exceptional engine performance, is reliable and also helps in reducing engine noise. The product launch is anticipated to bring forth newer inventions in this business space, which would further boost marine diesel engine industry dynamics.

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Partial Chapter of the Table of Content

Chapter 4      Marine Diesel Engine Market, By Technology

4.1      Market share by technology, 2019 & 2026

4.2      Low speed

4.2.1    Global market from low speed, 2015 - 2026

4.2.2    Global market from low speed, by region, 2015 – 2026

4.3      Medium speed

4.3.1    Global Marine diesel engine market from medium speed, 2015 - 2026

4.3.2    Global market from medium speed, by region, 2015 – 2026

4.4      High speed

4.4.1    Global market from high speed, 2015 - 2026

4.4.2    Global market from high speed, by region, 2015 – 2026

Charts & Figures

FIG. 1    Marine diesel engine market segmentation

FIG. 2    Industry ecosystem analysis

FIG. 1    Top 10 countries impacted by COVID- 19, number of cases

FIG. 2    Optimistic view on COVID- 19 effect, 2015 – 2026 (USD Million)

FIG. 3    Realistic view on COVID- 19 effect, 2015 – 2026 (USD Million)

FIG. 4    Pessimistic view on COVID- 19 effect, 2015 – 2026 (USD Million)

FIG. 5    Market share of new orders by major countries, 2016 (%)

FIG. 6    Market share new building deliveries by country, 2018

FIG. 7    Increase in seaborne trade (% of volume)

FIG. 8    World Seaborne trade by country grouping, 2017 (% share of world tonnage)

FIG. 9    Regional cruise ships deployment, 2019 (% of available lower berth day)

FIG. 10    Growth potential analysis

FIG. 11    Porter’s analysis

FIG. 12    PESTEL Analysis

FIG. 13    Marine diesel engine market revenue share by technology, 2019 & 2026

FIG. 14    Marine diesel engine liquid market revenue share by application, 2019 & 2026

FIG. 15    Market revenue share by region, 2019 & 2026

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